To have masturbated so much one is literally sexually exhausted, or at least temporarily not interested in sex.
To Peter's surprise, his date wanted to hook up, however he was spanked out from watching porn the night before.
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The act of pleasuring oneself to climax in order to release seminal fluid.
"I'm gonna sit here and spank out a batch/when Scooter and the Big Man bust this city in half"
- Bruce Springsteen, Tenth Avenue Freeze Out
Man or woman on the way home from work commuting while viewing porn of their choice on a smart phone to let off steam or just to rub one off.
Dude: "Are you on your way home from work?"
Righteous Dude:"Yep, after my 'spank take out' I'm ready to eat my dinner!"